Project management is the spine of all successful businesses. It is the mix of knowledge, tools, and techniques applied by businesses of all sizes to successfully operate and produce quality products and services. Every startup business needs to determine the combination of inputs, processes, and tools that can be put into lifecycle phases to achieve their desired output. The main purpose of undertaking a project for y startup is to create a unique product, service, or result that can help a startup business in achieving a strategic position for anchoring itself in the market. A fulfilled project is a ticket for startup businesses to claim a considerable market share and enjoy new capabilities. Having a better understanding of the project management process will help startup organizations in achieving their desired future state by executing projects efficiently and effectively. The absence of project management in startups or poorly managed projects may result in cost overruns, rework, missed deadlines and a loss of reputation for startups which is a cost too high for new businesses.
Relationship among Project, Program, Portfolio, and Operations
A project may be managed as a standalone, within a program, or a portfolio. A Program is a group of the related projects to accomplish a set of goals to obtain benefits not available from managing them individually. A program should not be confused as a very large project which can be referred to as a megaproject costing billions of dollars and affecting at least millions of people while running for years. A portfolio, on the other hand, is a set of projects, programs and operations managed as a group to achieve strategic objectives. Portfolio management focuses on doing the right programs and projects by selecting the optimal mix of programs and projects to achieve strategic objectives.
Though all three of the above differ in their life cycles, activities, and benefits, they often use safe resources and engage with the same stakeholders which may increase the need for coordination within the organization. The implementation of the delivered work occurs through a transfer of resources between project and operations and a project may end up changing business operations as a result of new product or service delivery.
Project and Development Lifecycle
A project life cycle is a framework for project management that consists of series of phases (sequential, iterative, or overlapping) a project passes through from its initiation to completion. In every project life cycle, there may be one or two phases that are directly linked with the development of a product, service or result referred to as development lifecycle. Project lifecycles can be predictive or adaptive whereas development life cycles can be predictive, adaptive, iterative, hybrid, or incremental. In predictive or waterfall lifecycle the scope, time, and cost of the project are determined in the early phases of the lifecycle whereas in adaptive or change-driven lifecycle scope is defined and approved before the initiation. In an iterative cycle, the project scope is pre-defined but time and costs are modified as the need arises. It involves a series of repeated cycles wherein increments are added to increase the functionality of the product. In an incremental lifecycle, the result is produced through a series of iterations within a predetermined time frame. In a hybrid lifecycle elements that have fixed requirement follow a predictive development lifecycle whereas those that are evolving follow an adaptive development lifecycle.
A project phase is a set of project activities that culminate in the achievement of one or more deliverables. These phases can be described by attributes that are measurable and unique to a specific phase. Some examples include name, number, duration, required resources, and entrance and exit criteria to move in and out of a particular phase. The phases and subcomponents of the project are given names that are indicative of the type of work done in a particular phase such as concept development, customer requirement, solution development, prototype, design, build, test, and milestone review, etc.
Project Management Process and Process Groups
A project life cycle is managed by executing activities and processes or a deliverable that produces one or more outputs or deliverables which are the end result of the project management process. These processes may comprise overlapping activities and result in either input to another process or a deliverable of a particular project or project phase. Some of these processes can be used only or at predefined points in the project while others can be performed periodically as needed. Some processes may also occur throughout the project lifecycle such as the monitoring and control process. Project management is successful when all these processes are logically integrated into groups to achieve objectives. There can be separate groups for initiating, planning, executing, monitoring, controlling, and closing process. Good project management makes success a high probability for startup businesses. It helps new businesses to learn faster and beat the competition. If you want your projects to be completed efficiently and meet customers’ expectations contact our staff at https://khired.com to guide your business through projects with expert advice and support. We offer extensive project management services and monitor project milestones as they happen.